Is home ownership at the top of your wish list? If so, here are four questions to ask before applying for a home loan:
- How much can you afford? Before you start home shopping, it’s important to know how much you can afford to spend. By doing so, you will get a good idea of how much your payments will be, along with some of the other costs that may be involved. To get started, simply check out our home loan payment calculator.
- How much of a deposit is needed? This is also a question to ask right away – by knowing how much of a deposit will be required based on your specific financial circumstances; you will know how much money you will have to save before buying your home.
- What credit history is needed? Asking your lender or broker this question up front will help you understand how your credit will have an effect on your home loan application and your home loan interest rate.
- Where do you want to live? While this may seem like an odd question to ask yourself before applying for a home loan, it’s still an important one to consider. Some areas are more expensive than others – figuring out this answer will help you determine how much money you may have to save or finance when it comes time for the purchase.
While these aren’t the only questions you should be asking if you are planning on applying for a home loan, they can help get you thinking about the home loan process and additional questions that you might want to ask.
Interested in finding the right home loan for you? Enquire with Safe Financial today to explore your options.
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